Fashion designers say cost of production up due to import restrictions

Fashion designers are struggling to keep up with the fast-changing trends in the country, as challenges in sourcing raw materials has led to a slowdown in reacting to the market demand.

A global economic revival imminent in 2021, says PwC 24th Annual Global CEO Survey

The pandemic has disrupted how organisations operate across a multitude of industries, transforming global systems in ways that have never been explored.

Sri Lanka’s present and future fortunes intrinsically linked to ocean resources

The current and future prosperity of Sri Lanka is intrinsically linked to its coastal, marine and mineral assets or neglected ocean resources. Fisheries and tourism can be two main pillars of its gross domestic product (GDP) economy and source of employment.

Why customer-centricity should be top priority

Businesses have always followed the golden rule of treating customers as gods and kings. Yet, today this group of divine royalty holds more power than ever and thus is more in command of how organisations must operate.

Port City to add US$ 30bn to Sri Lanka’s economic output

The Colombo Port City (CPC) project is estimated to add a mammoth US$ 30 billion in fresh economic output to Sri Lanka’s gross domestic product through 2041, propelling the country towards the developed country club, according to a study by PricewaterhouseCoopers (PwC). Sri Lanka’s current gross domestic product (GDP) is estimated to be around US$ 84 billion.

Government invites Qatar and Oman to invest in Port City

The government explored the possibility of attracting investments to the Colombo Port City Economic Zone from Qatar and Oman, and would do it with India in the near future, a Minister said yesterday.

Piramal Glass’ mandatory offer price revised upwards

The mandatory offer price of Piramal Glass Ceylon PLC (PGC) has been revised upwards to Rs.11.86 from Rs.11.60, a stock exchange filing said.

ComBank’s ATM network sets new record this Avurudu

The automated teller machine (ATM) network of Commercial Bank of Ceylon has dispensed a record Rs.8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year.

Corporates increase leverage as debt accumulated at faster pace

Sri Lankan corporates have accumulated debt at a faster pace making the most of the record low borrowing cost, upending the funding structure and their balance sheets for many years to come as the economy is slowly adjusting to low interest rates.

RPCs urge estate worker vaccination be given priority ahead of new COVID-19 cases

The Planters’ Association of Ceylon (PA) yesterday called on government and Public health officials to ensure that estate sector workers are made a top priority in the COVID-19 vaccination drive, given their essential contributions to the national economy.

Tundra Frontier Fund invests in WindForce shares

Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund has subscribed to an equity stake in WindForce Limited by taking part in the Fund’s first IPO issuance in Sri Lanka.

WindForce shares trade on CSE on Earth Day

ComBank’s ATM network sets new records for cash dispensed this Avurudu

The automated teller machine (ATM) network of Commercial Bank of Ceylon dispensed a record Rs.8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year.

RPCs urge estate worker vaccination to be given priority

The Planters’ Association of Ceylon (PA) today called on government and Public health officials to ensure that estate sector workers made a top priority in the COVID-19 vaccination drive, given their essential contributions to the national economy.

Global freight charges hike to remain in short-term: Fitch

The ongoing hike in global freight rates is expected to remain in the short-term, although a tapering is expected to in the long term as supply chain disruption clears out, Fitch Ratings said.

Rupee sheds gains against dollar

The Sri Lankan Rupee today depreciated to Rs. 195.25 against the US dollar from yesterday’s recovery of Rs. 191.97.

Home-grown blockchain start-up secures angel financing

Home-grown blockchain service start-up, Niftron, has been successful in raising Rs. 10 million in the latest round of funding from The Angel Fund of the Lankan Angel Network (LAN), Sri Lanka’s largest network of angel investors.

Local producers begin to feel rise in cost of production

Sri Lanka’s producers are beginning to feel higher cost of production, potentially activating what could be a vicious cycle of higher producer prices,

Banks provide even for loans under moratoria taking extra guard for possible losses

Sri Lankan banks became extra cautious and extremely prudent when accounting for the losses that might arise from the possible bad loans on the facilities that were on moratoria through March 31, 2021,

Oil slips as rising infections spark demand concerns

Oil prices were lower yesterday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude.

Manufacturing sector reports highest non-performing loans in 2020

While the overall asset quality in the banking sector improved sharply, despite the worst predictions and pandemic-related headwinds, the loans to the manufacturing sector reported the highest non-performing loans (NPLs) compared to the other key sectors of the economy.

Local tourism industry in for fresh slowdown with COVID-19 third wave picking up in source markets

Sri Lanka’s hard-hit tourism sector, which has entered into a path of gradual recovery, could be in for another slowdown, as its key source markets are grappling with the third wave of the COVID-19 pandemic.

Shares fall as spiking virus cases raise restriction fears

Sri Lankan shares closed lower yesterday, led by losses in industrial and financial stocks, as a surge in coronavirus cases stoked fears of fresh restrictions in the country.

ICRA Lanka expects strong private credit growth in March

ICRA Lanka Limited yesterday said private sector credit is likely to have expanded at similar pace or faster in March, after a spurt in private credit in February, which defied its earlier expectations.

UL brings down Indian delegation on familiarisation tour

In an effort to recommence tourist arrivals from India under the bio-bubble concept, Sri Lanka has recently welcomed a delegation from the neighbouring giant for a familiarisation tour of the island nation.

Rupee gains sharply against US dollar

The Sri Lankan Rupee further appreciated today with the selling rate of a US dollar recovering to Rs.191.97 from Friday’s (16) Rs. 201.28.

Cabraal briefs Chief Prelates on Port City Commission Bill

On the instructions of President and the Prime Minister, State Minister of Finance Ajith Nivard Cabraal visited today the Asgiriya Chapter, the Malwathu Chapter and the Chief Prelates of the Amarapura and Ramanna Maha Nikayas and briefed them on the proposed Port City Economic Commission Bill.

Sri Lanka at GSP Engagement Week Virtual Conference – An Overview

During the Week of 22 - 25 March, the GSP Hub which is a European Union (EU) funded project launched in 2020 hosted an important virtual engagement relating to the EU’s Generalised Scheme of Preferences (GSP)to increase awareness, transparency, and to engage with stakeholders of GSP.

Rupee to stabilise at Rs.175- 180 range against dollar by year end: Cabraal

State Minister of Money & Capital Markets and State Enterprise Reforms, Ajith Nivard Cabraal expects Sri Lankan rupee to stabilise at Rs.175-Rs.180 range against US dollar by end of this year, supported by anticipated boost from proposed increase in International Monetary Fund’s (IMF) Special Drawing Rights (SDR) combined with expected improvements in the country’s external account.

Solid 1Q earnings season expected with surge in consumer demand

Another solid earnings season is about to get underway as listed companies are set to report their financial performance for the January-March quarter shortly, providing a catalyst for the share market, which took a breather after the wild run in January this year.